Ijara Muntahia Bittamlik — Islamic Model of Consumer Finance (on the Example of the Republic of Tajikistan)

Abstract

One of the contracts through which Islamic consumer finance can be implemented is Ijarah Muntahiyah Bittamleek (IMB). This contract is regulated by Instruction No. 224 and Sharia Standard No. 9 of the AAOIFI. The regulatory requirements specified in these documents, especially in Instruction No. 224, are quite difficult to understand. This is due to the fact that this contract, although analogous to traditional financial leasing, differs from it in many respects. Key factors are also the terminology, legal nuances and complexity of the processes specified in the documents. For these reasons, today the concept of IMB has not yet been fully disclosed in the traditional legal doctrine, which necessitates its deep understanding.
The article examines the procedure for implementing the IMB contract, including the procedure for transferring/transferring ownership of its subject, and identifies four types of this contract.